The Federal Executive Council (FEC), yesterday approved a N47.9 trillion federal budget estimate for the 2025 fiscal year during its meeting at State House, Abuja.
Briefing newsmen after the FEC meeting held at the Council Chambers and presided by President Bola Tinubu, Minister of Budget and Economic Planning, Atiku Bagudu, explained that the budget approval was part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, in accordance with the Fiscal Responsibility Act 2007.
Bagudu said the executive will put necessary efforts in place to ensure that the 2025 budget estimate was passed by the National Assembly and signed into law by the president before the end of December.
Bagudu explained that FEC pegged the price of crude oil at $75 per barrel, exchange rate at N1,400 to the dollar, and oil production at 2.06 million barrels per day.
He added that with the growth rate of 3.19 per cent, which came in the second quarter of 2024, the federal government will continue to tackle inflation, strengthen economic resilience, and provide more support for the economy in 2024.
